The Engineering Export Promotion Council (EEPC) in its statement said imposition of restrictions by states to contain rising coronavirus cases could affect the exports and the worst impacted would be MSMEs (micro, small and medium enterprises).
The EEPC said, while recovery in the last few months of the fiscal year offers a ray of hope for the sector, the rising number of COVID-19 cases poses a downward risk. The government, therefore, needs to expedite vaccination to lessen the impact of the pandemic,” the council said
It also said that buoyed by rising global demand and increased economic activities, exports of 32 out of 33 engineering goods categories such as iron and steel, non-ferrous metal products, industrial machinery and office equipment recorded positive growth in March, signaling good times for exporters reeling under loss for the past one year due to pandemic.
The US continued to be on the top of the list of major export destinations as engineering exports to America rose to USD 1,152.82 million in March 2021 as compared to USD 917.02 million in the year-ago period, it said adding exports to the US fell down in cumulative terms during 2020-21.
Similarly, exports to China, India”s second-largest export destination, jumped to USD 553.06 million in March. The UAE retained its third position of the largest export destination.
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